Türkiye currently faces no shortages of natural gas or fuel and does not anticipate any supply problems, Energy and Natural Resources Minister Alparslan Bayraktar said on Wednesday, amid concerns that disruptions are driving prices higher.
"We do not foresee any issues at the moment in either fuel or natural gas, but we are closely following developments," Bayraktar told reporters after being asked whether the situation in Iran could threaten Türkiye's gas supply.
Energy prices have soared since the U.S. and Israel launched strikes on Iran on Feb. 28, with some major producers cutting supplies and fears growing of prolonged shipping disruptions as the critical Strait of Hormuz remains all but shut.
"No need for concern on natural gas," Bayraktar said, stressing that there is no issue with supply security in oil, fuel or gas.
Bayraktar said the recent surge in crude oil prices reflects global concerns over potential supply disruptions amid the conflict. "There is serious concern globally about supply interruptions, and that is why prices have risen," he said, adding that markets reacted to fears that regional tensions could affect production and shipping routes.
Oil prices neared $120 a barrel on Monday and last traded at around $90, up roughly 25% since the start of the war.
The volatility is leading to more worries that higher energy costs will fuel inflation and make it harder for central banks to ease policy.
Türkiye, which for years has worked on curbing oil and gas imports by ramping up domestic production, still relies heavily on imports to meet its energy needs.
In response to the conflict, Turkish authorities reintroduced the so-called sliding "scale system" to mitigate the impact of volatility in global oil prices. The system adjusts the special consumption tax on fuel products in line with changes in oil prices to prevent excessive price increases.
Bayraktar expressed hope that the conflict would end soon and that global energy markets would return to more normal conditions. "I hope the conflict in the region ends as soon as possible and global markets normalize," he told reporters.
Bayraktar noted that Türkiye had previously expected oil prices to hover around $60 per barrel for the remainder of the year, but the outbreak of conflict has created uncertainty.
Regarding the potential closure of the Strait of Hormuz, Bayraktar said Türkiye's energy supply routes are diversified and largely located outside that chokepoint.
"Our primary purchases are from outside Hormuz, so we do not see a risk from our perspective at the moment," he said.
The waterway, through which roughly one-fifth of the world's oil and liquefied natural gas typically passes, is virtually shut.
That could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even if the conflict ends quickly, as suppliers grapple with damaged facilities, disrupted logistics and elevated risks to shipping.
Speaking on the sidelines of the Nuclear Energy Summit in Paris on Monday, Bayraktar reiterated that Türkiye sources energy from a wide range of suppliers and is not currently experiencing issues with procurement.
"When looking at the policies we follow as Türkiye, you can see that we continue to invest in different energy sources and strive for a more balanced portfolio," he said.
He added that Türkiye's strategy of diversifying energy supply routes and resources has proven effective during past crises, including the COVID-19 pandemic and the Russia-Ukraine war.
Bayraktar stressed that expanding nuclear power is a central pillar of Türkiye's energy strategy, particularly at a time when energy security and climate goals are gaining prominence globally.
He said diversification of energy sources, including renewables and nuclear power, is essential as electricity demand is expected to rise across the Turkish economy.
"Türkiye is moving toward a period where electricity will be used more intensively across all areas of the economy, which will lead to a significant increase in electricity demand," Bayraktar said.
Türkiye is currently constructing four reactors at its first nuclear facility, Akkuyu, which is being developed in cooperation with Russia.
Beyond Akkuyu, Türkiye plans to significantly expand its nuclear capacity.
Bayraktar said Ankara aims to build eight additional large-scale nuclear reactors, including four in Sinop on the Black Sea coast and four in the Thrace region.
Negotiations with several countries are ongoing, he said, adding that French companies are already cooperating with Türkiye on equipment supply and independent oversight for the Akkuyu plant.
Türkiye is also exploring cooperation with partners such as France, South Korea and Canada on nuclear technology and future power plant projects.
Bayraktar said small modular reactors represent a major opportunity in the emerging "new nuclear era."
He noted that these reactors could play a key role in strengthening Türkiye's nuclear capacity and improving energy security in the coming years.
Asked whether rising tensions in the Middle East could accelerate Türkiye's nuclear ambitions, Bayraktar responded: "I hope it does."
He added that Türkiye's long-term energy strategy is not shaped by short-term developments but is built on a stable framework focused on maximizing renewable energy use, expanding nuclear power and continuing domestic oil and gas exploration in the Mediterranean and Black seas.
